Fannie Mae HomePath Property

[Mason Carter]

Hello All,

I am about to pull the trigger on my very first flip, but when I narrowed down the unit I wanted to purchase I found that it is a Fannie Mae HomePath property.  According to my agent this is a governmental program where a property has been "foreclosed" on but no a traditional foreclosure. I also understand that these type of deals can take a long time to close and there is absolutely no negotiation. I'm looking to buy this property in cash and was hoping to have a quick closing. Has anyone had experience with this type of property?  Thank you for your time. 

[Alex Deacon]

@Mason Carter I have bought no less than 30 Fannie Mae props. They are no different then any other REO just a little more paperwork and they can take a little longer to close. As far as negotiating it makes no difference how much Fannie Mae will negotiate you have to make sure you pay what you feel its worth. Typically if the property is relatively new to the market they are not going to negotiate more than 10% off the sales price. Just keep watching the property and it will get reduced at regular intervals.